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mote1985 [20]
3 years ago
10

You purchased a vehicle for $11,578 with a down payment of $4,100. You had 36 monthly payments of $251.34. Calculate the finance

charge.
$1,570.24


$9,048.54


$7,478


$11,578
Mathematics
1 answer:
Leona [35]3 years ago
6 0
Finance charge is a fee that represents the cost of borrowing or credit.
In this equation, it shows the total amount paid through credit subtracted by the cost of vehicle.
let x be the finance charge

x = $4,100 + 36 months ($251.34/month) - <span>$11,578 
</span>x = $4,100 + $9,048.24 - <span>$11,578 </span>
x = ($4,100 + $9,048.24) - $11,578
x = $13,148.24 - $11,578 
x = $1,570.24.
The finance charge is $1,570.24
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